Increasing consciousness about health issues is foreseen to lift pea protein market over the forecast time frame. Extensive usage in the food and beverages industry due to benefits like functional attributes and appealing nutritious profile ought to drive growth. Growing popularity among consumers owing to its cost effectiveness over other alternatives will further escalate pea protein market demand. It is obtained through yellow peas; therefore, it is preferred by the vegan population over animal proteins. Increasing vegan population and high nutritional profile will further fuel the market.

In European nations, food and beverage applications will be driven by rising awareness about food sensitivities and desire to avoid genetically modified ingredients. This has led to consumer inclination towards pea proteins against its counterparts.

Industry participants may face challenges due to potential allergies caused by consumption and health issues created by degraded pea protein based products. High protein foods contain purines, which increases uric acid in the body, leading to crystallization of joints and gout attacks. This may hamper sales during the forecast timeframe.

Growth of nutraceuticals and sports supplement demand signifies vast opportunity for the pea protein market. Global nutraceutical ingredients market is anticipated to exceed USD 45 billion by 2023. This can be attributed to increase in life expectancy and subsequent increase in lifestyle disease especially in the developed regions. Canada, France and U.S. are the top producers and major exporters of yellow peas. Production of yellow peas is based on variety of factors like weather, planting time, supply-demand scenario, price forecast. Any fluctuation caused in plantation of yellow peas may have direct impact on pea protein market supply trends.

U.S. nutraceutical applications were valued over USD 2 million in 2015, it is set to grow at CAGR exceeding 14% by 2023. APAC led by China, India and Japan will grow at a CAGR exceeding 17% during the forecast timeframe. PPI is used as meat extender in meat ball and sausages to lower the fat content. In noodles and baked foods, it is used to improve texture.

Latin America, driven by Brazil, accounted for more than 6% of the global pea protein market in 2015 due to increase in animal feed application. Brazil fish feed production in 2015 rose by 10.7% as compared to 2014, while shrimp feed output grew by 5%. Total aquafeed production in Brazil witnessed a significant growth in 2015, exceeding 10% and the trend is anticipated to continue during the forecast timeframe. Pea protein is used as nutritional support in animal and aqua feed.

In May 2016, U.S based World food processing, which is a major pea protein market player, declared capacity expansion plans at its production facility based in the U.S. The company currently owns PURISPea, a well-known brand in the global industry.

Organic Rice Protein Market size was valued at over USD 35 million in 2015 and is forecast to surpass USD 105 million by 2024, at more than 18.2% CAGR. Increase in protein functionalities demand in food & beverage industry is expected to fuel global product demand.

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